Golden Matrix Reports Q4 Revenue Contribution Exceeding $285,000 From One of Its Major Distributors
August 21 2019 - 10:02AM
InvestorsHub NewsWire
Golden Matrix Reports Q4 Revenue Contribution
Exceeding $285,000 From One of Its Major Distributors, Up 73% on
Distributors Revenue Contribution of $165,000 in Previous
Quarter
Company Sees “Continued and Significant” Revenue
Growth Aided by Recently Added Chinese Traditional Gaming
Portfolio
LAS VEGAS, NV -- August 21,
2019 -- InvestorsHub NewsWire -- Golden Matrix Group Inc. (OTCPK:
GMGI) a technology-driven company that designs and develops social
gaming platforms, systems and gaming content, today said that Red
Label Technology 'REDLABEL', one of its major distributors
servicing the Asia Pacific (APAC) region, generated multi-million
dollars in Golden Matrix gameplay during the company’s fourth
fiscal (July 31) quarter, resulting in revenue due to Golden Matrix
of $285,247, up 73% from $164,772 received from REDLABEL in the
company’s third fiscal (April 30)
quarter.
The company had previously
announced it expected total fourth quarter revenues to exceed
$780,000, which would make it the company’s sixth consecutive
quarter of rising revenues.
According to Golden Matrix CEO
Anthony Goodman, “We are highly encouraged by this big uptick in
revenue generation and contribution by REDLABEL, and we are
confident they will continue to be an important source of revenue
growth for Golden Matrix going forward. We can attribute the
recently introduced Chinese Traditional Gaming (CTG) Portfolio to
our total game offerings as a major factor, and we expect it to
contribute to significant revenue growth for the foreseeable
future.”
Mr. Goodman said Golden Matrix
is currently integrating additional operators to increase game
usage of the CTG Portfolio, and “in the coming weeks we expect to
engage with one of the largest gaming distributors now operating in
the APAC region.”
Golden Matrix revenues are
derived primarily from licensing fees received from gaming
operators located in the Asia Pacific (APAC) region and integrated
with the company’s state-of-the-art GM-X platform. Currently there
are over 300 active operators and more than 1.5 million registered
users across all gaming operator/GM-X
platforms.
“The growth in demand for our
platform demonstrates the stability, reliability and popularity of
the GM-X system and its gaming content,” concluded Mr. Goodman. “We
are pleased to be a go-to company for adding significant content
value to distributors and their active user
networks.”
About Golden
Matrix
Golden Matrix Group, based in
Las Vegas, NV, is an established gaming technology company that
develops and owns online gaming IP and builds configurable and
scalable white-label social gaming platforms for its international
customers, located primarily in the Asia Pacific region. The gaming
IP includes tools for marketing, acquisition, retention and
monetization of users. The company's platform can be accessed
through both desktop and mobile
applications.
Our sophisticated software
automatically declines any gaming or redemption requests from
within the United States, in strict compliance with current US
law.
Forward-Looking
Statements
This press release may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, such as statements
relating to financial results and plans for future development
activities and are thus prospective. Forward-looking statements
include all statements that are not statements of historical fact
regarding intent, belief or current expectations of the Company,
its directors or its officers. Investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, many of which are
beyond the Company's ability to control. Actual results may differ
materially from those projected in the forward-looking statements.
Among the factors that could cause actual results to differ
materially from those indicated in the forward-looking statements
are risks and uncertainties associated with the Company's business
and finances in general, including the ability to continue and
manage its growth, competition, global economic conditions and
other factors discussed in detail in the Company's periodic filings
with the Security and Exchange Commission. The Company undertakes
no obligation to update any forward-looking
statements.
Connect with
us:
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-https://twitter.com/GMGI_Group
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- https://www.instagram.com/goldenmatrixgroup/
Golden Matrix
Group
Tel: (702)
318-7548
Scott
Yan
info@goldenmatrix.com
www.goldenmatrix.com